Treasury sells AIG stake for $22.7B profit

Profit or accounting tricks? It will be a long time until we know the real amount of money the Treasury and Fed gave/bailed out/guaranteed etc.

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(AP)  The U.S. Treasury Department said Tuesday that it has sold all its remaining shares of American International Group (AIG), moving to wrap up the government's biggest bailout of the 2008 financial crisis.

Treasury said it received $32.50 per share for its 234.2 million remaining shares, which represented a 16% ownership stake in the giant insurance company.

On Sunday, AIG said it will sell up to 90% of its airplane leasing unit to a Chinese investor group for $5.3 billion. It said it planned to use the proceeds to help repay the government for the bailout.

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Proceeds from the final stock sale are expected to total approximately $7.6 billion.

Treasury said with the stock sale it has realized a positive return of $5 billion, while the Federal Reserve received a positive return of $17.7 billion.

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The AIG stock sale was the latest step in an effort by the government to wind down the Troubled Asset Relief Program, or TARP.

With the AIG stock sales, the government has gotten back $380 billion, or more than 90% of the $418 billion it disbursed through TARP.

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